(a) Applicability of Exchange Rules. Options 3B Rules will apply only to Nasdaq Event Options (defined below). The trading of Nasdaq Event Options will be subject to all other Rules applicable to the trading of options on the Exchange, including the trading rules and functionality in Options 3, unless the context otherwise requires or otherwise provided in this Options 3B.

(b) Definitions. The following terms will have the meanings specified in Options 3B:

(1) The term “contract multiplier” as used in reference to Nasdaq Event Options means the multiple applied to the exercise settlement value to arrive at the total exercise settlement amount per contract. The contract multiplier for Nasdaq Event Options shall be 100.

(2) The term “exercise price” as used in reference to Nasdaq Event Options means the value to which the settlement value of the underlying broad-based index is compared to determine whether the holder of a Nasdaq Event Options is entitled to an exercise settlement amount on the option contract.

(3) The term “exercise settlement amount” as used in reference to Nasdaq Event Options means the amount of cash that a holder will receive upon exercise of the contract. The exercise settlement amount is $100 which is the exercise settlement value multiplied by the contract multiplier.  

(4) The term “exercise settlement value” as used in reference to Nasdaq Event Options means the value of the Nasdaq Event Options. The exercise settlement value for Nasdaq Event Options shall be $1.

(5) The term “Nasdaq Event Options” represents cash-settled, P.M.-settled, European-Style binary options on broad-based indexes with a fixed settlement amount.

(6) The term “Nasdaq Event Options Order” means an order submitted in a Nasdaq Event Option pursuant to Options 3B.

(7) The term “settlement value” is the value of the underlying broad-based index that is used to determine whether a Nasdaq Event Option is in, at or out of the money. Nasdaq Event Option that are “at-the-money,” “in-the-money,” or “out-of-the-money” are a function of the settlement value of the underlying broad-based index in relation to the type of Nasdaq Event Option (i.e., put or call) and the exercise price. Nasdaq Event Option shall be paid out if the settlement value of the underlying broad-based index equals, exceeds or is less than the exercise price, depending on the type of option (i.e., call or put). 

(a) Nasdaq Event Option that are call option contracts would return an exercise settlement amount if the settlement value of the underlying broad-based index is at or above the exercise price at expiration (i.e., at or in-the-money).

(b) Nasdaq Event Option that are put option contracts would return an exercise settlement amount if the settlement value of the underlying broad-based index is below the exercise price at expiration (i.e., in-the-money).

(8) The term “underlying” means the broad-based index that the Clearing Corporation shall utilize to determine whether a Nasdaq Event Option is in, at or out of the money.  

Amended Apr. 30, 2026 (SR-MRX-2026-05); amended Jun. 8, 2026 (SR-MRX-2026-28), operative Jul. 8, 2026.

(a)The trading hours for Nasdaq Event Options are the same as the trading hours as set forth in Options 3, Section 1.

Amended Apr. 30, 2026 (SR-MRX-2026-05); amended Jun. 8, 2026 (SR-MRX-2026-28), operative Jul. 8, 2026.

(a) Bids and offers for Nasdaq Event Options must be expressed in U.S. dollars.

(b) Nasdaq Event Options may have a premium range from $0.01 to $1.00.

Amended Apr. 30, 2026 (SR-MRX-2026-05); amended Jun. 8, 2026 (SR-MRX-2026-28), operative Jul. 8, 2026.

(a) Nasdaq Event Options may be entered in a minimum increment of $0.01.

Amended Apr. 30, 2026 (SR-MRX-2026-05); amended Jun. 8, 2026 (SR-MRX-2026-28), operative Jul. 8, 2026.

(a) Nasdaq Event Options Classes. The Exchange authorizes Nasdaq Event Options on the Nasdaq-100^® Index (“Nasdaq-100 Nasdaq Event Options”) and on the Nasdaq-100 Micro Index^® (“XND Nasdaq Event Options”). The listing of Nasdaq-100 Nasdaq Event Options and XND Nasdaq Event Options shall be subject to Options 4A Rules, including but not limited to P.M.-Settlement pursuant to Options 4A, Section 12(a)(6), the Nonstandard Expirations Program pursuant to Supplementary Material .07 to Options 4A, Section 12, the Short Term Series Options Program pursuant to Supplementary Material .01 to Options 4A, Section 12, the Quarterly Options Series Program pursuant to Supplementary Material .02 to Options 4A, Section 12, and the Monthly Options Series Program pursuant to Supplementary Material .06 to Options 4A, Section 12, unless otherwise specified.

(1) P.M.-Settled. The Exchange authorizes P.M.-Settled Nasdaq-100 Nasdaq Event Options and XND Nasdaq Event Options pursuant to Options 4A, Section 12(a)(6). A.M.-Settled Nasdaq-100 Nasdaq Event Options and XND Nasdaq Event Options pursuant to Options 4A, Section 12(a)(5) are not authorized. 

(2) Third-Friday-of-the Month. Nasdaq-100 Nasdaq Event Options and XND Nasdaq Event Options may be P.M.-Settled on the third Friday-of-the-month.

(3) Reporting Authority. The reporting authority for Nasdaq-100 Nasdaq Event Options and XND Nasdaq Event Options shall be The Nasdaq Stock Market.

(b) Permissible Series.  Nasdaq-100 Nasdaq Event Options and XND Nasdaq Event Options are each separate classes and are separate from other options overlying the Nasdaq-100 Index and the Nasdaq-100 Micro Index.

(1) Expiration Months and Weeks. Nasdaq Event Options contracts may expire at three (3)-month intervals, in consecutive weeks or in consecutive months and may list up to 12 standard (monthly) expirations.

(2) European-Style Exercise. Nasdaq Event Options shall be European-style.

(c) Terms. When submitting an Nasdaq Event Options Order for an Nasdaq Event Options series to the System, the submitting Member must include one of each of the following terms in the Nasdaq Event Options Order:

(1) underlying broad-based index (the contract multiplier is 100);

(2) type of option (i.e., put or call);

(3) expiration date; and

(4) exercise price.

(d) Determination of Settlement Value. The settlement value for Nasdaq-100 Nasdaq Event Options shall be the value of the Nasdaq-100 Index as reported by Nasdaq at the conclusion of the Nasdaq Closing Cross pursuant to Nasdaq Equity 4, Rule 4757. The settlement value for XND Nasdaq Event Options shall be the value of the Nasdaq-100 Micro Index as reported by Nasdaq at the conclusion of the Nasdaq Closing Cross pursuant to Nasdaq Equity 4, Rule 4757.

(e) Adjustment. Nasdaq Event Options contracts are subject to adjustment only in accordance with and to the extent specified in the By-Laws and Rules of the Clearing Corporation. When any such adjustment has been determined, an announcement shall be made by the Exchange and shall become effective as of the time specified in such announcement.

(f) Position Limits. The position limits in Options 4A, Section 6 shall not apply to Nasdaq Event Options, rather the position limits shall be equal to 25,000 contracts on the same side of the market.  Position limits in Nasdaq Event Options shall not be aggregated with other option contracts for the underlying.  Nasdaq Event Options shall not be subject to the exemptions from position limits in Options 4A, Section 9.  

(1) Reporting of Position Limits. With respect to positions in Nasdaq Event Options, the minimum position in an account which must be reported shall be 200 contracts.

(a) Market Side. For purposes of the position limits set forth in subparagraph (f) of this Rule, long positions in put Nasdaq Event Options and short positions in call Nasdaq Event Options shall be considered to be on the same side of the market; and short positions in put Nasdaq Event Options and long positions in call Nasdaq Event Options shall be considered to be on the same side of the market.

(g) Exercise Limits. The exercise limits specified in Options 4A, Section 10 shall not apply to Nasdaq Event Options. Nasdaq Event Options will automatically be exercised at expiration if the settlement value of the underlying is equal to or greater than the exercise price of call Nasdaq Event Options or less than the exercise price in the case of put Nasdaq Event Options. Further, Nasdaq Event Options on broad-based indexes are not subject to the rules in: (i) Options 6B, Exercises and Deliveries; and (ii) Options 9, Section 19, Other Restrictions on Options Transactions and Exercise, as that Section 19 relates to exercises.

Amended Apr. 30, 2026 (SR-MRX-2026-05); amended Jun. 8, 2026 (SR-MRX-2026-28), operative Jul. 8, 2026.

(a) The Exchange may determine to make any eligible order types and times-in-force, respectively, in Options 3, Section 7, Types of Orders and Order and Quote Protocols, available on a class or System basis to be submitted as Nasdaq Event Options Orders. Eligible Nasdaq Event Options Orders shall include all order types in Options 3, Section 7 except for:

            (1) Market Orders at Options 3, Section 7(a);

            (2) Stop Orders at Options 3, Section 7(d); and

            (3) Stop Limit Orders at Options 3, Section 7(e).

(b) All order and quote protocols in Supplementary Material .03 to Options 3, Section 7 are available for Nasdaq Event Options.

(c) Nasdaq Event Options Orders may be submitted in both simple and complex order books. Nasdaq Event Options Orders may be entered as complex orders as specified in Options 3, Section 14, except that a Stock-Complex Order as defined in Options 3, Section 14(a)(3) is not permitted. Nasdaq Event Options Orders may be submitted into any of the auction mechanisms specified in Options 3, Sections 11 (Auction Mechanisms) or 13 (Price Improvement Mechanism for Crossing Transactions). Nasdaq Event Options Orders may be submitted as Crossing Orders, as specified in Options 3, Section 12, except that Nasdaq Event Options Orders may not be submitted as a Qualified Contingent Cross Order or a Complex Qualified Contingent Cross Order subject to Options 3, Section 12(c) and (d), respectively.

Amended Apr. 30, 2026 (SR-MRX-2026-05); amended Jun. 8, 2026 (SR-MRX-2026-28), operative Jul. 8, 2026.

(a) The simple order risk protections in Options 3, Section 15 and the optional risk protections in Options 3, Section 28 will apply to Nasdaq Event Options Orders. The complex order risk protections in Options 3, Section 16 will apply to Nasdaq Event Options Orders except for the Strategy Protections in Options 3, Section 16(b).

Amended Apr. 30, 2026 (SR-MRX-2026-05); amended Jun. 8, 2026 (SR-MRX-2026-28), operative Jul. 8, 2026.

(a) For purposes of Nasdaq Event Options Orders, the Obvious Error provisions in Options 3, Section 20, Nullification and Adjustment of Options Transactions including Obvious Errors, shall apply except that with respect to Options 3, Section 20(c), the adjusted price (including any applicable adjustment under subparagraph (c)(4)(A) for Non-Customer transactions) shall not exceed the applicable exercise settlement value for Nasdaq Event Options, which is $1.

Amended Apr. 30, 2026 (SR-MRX-2026-05); amended Jun. 8, 2026 (SR-MRX-2026-28), operative Jul. 8, 2026.